Latest China DCM news
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Corrected: LGFV woes continue as Shangrao unexpectedly pulls deal
Shangrao Investment Holding Group Co tried to brave the market with a three year bond on Tuesday despite a volatile start to the week for local government financing vehicles (LGFVs), but it ended up pulling the dollar transaction.
11.00 AM -
Veolia plans return to Panda market, mandates banks
French company Veolia Environnement is set to make a comeback to the Panda bond market after an absence of more than a year. It has mandated banks for its third outing in China’s debt market.
07.00 AM -
China needs to get going on TLAC bonds
Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.
10 Dec 2019 -
LGFV bonds bounce back after default fear
Fear of an onshore default by a Chinese local government financing vehicle (LGFV) led to a sell-off in the dollar bond market on Monday. But after news emerged of a government rescue of the company, both the primary and secondary markets quickly recovered.
10 Dec 2019 -
Chinese banks boost green certified bond volumes
Certified green bond issuance globally has reached new highs this year, boosted by transactions from some of China’s largest banks. But deal flow from the Mainland still remains focused on the onshore market, with just a small group of borrowers venturing out to international investors.
09 Dec 2019 -
Chinese default spree continues as Meilan confirms non-payment
Months after failing to repay both renminbi and dollar bonds, Haikou Meilan International Airport has now confirmed the non-payment, adding to the spate of recent defaults from Chinese issuers.
09 Dec 2019 -
GAC-Sofinco drives home tightly priced auto ABS
GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, wrapped up a Rmb6bn ($851m) four tranche internationally rated auto ABS deal on Thursday. The trade was priced tightly thanks to the issuer’s good relationship with banks.
06 Dec 2019 -
Seazen, China South City tap year-end liquidity
Chinese real estate firms Seazen Holdings Co and China South City Holdings both came to the dollar bond market this week, making use of a narrowing window for issuance before the year ends.
06 Dec 2019 -
Kunming Rail debuts strong with dual-tranche bonds
Chinese local government financing vehicle (LGFV) Kunming Rail Transit Group Co made its inaugural appearance in the dollar market on Thursday, raising $500m after a large price tightening.
06 Dec 2019 -
Peking Founder’s bonds tumble as cash crunch leads to onshore default
Investors have dumped Peking University Founder Group Co’s $2.95bn of dollar bonds after a default by the company in onshore China rattled markets. But despite numerous default situations from the country making headlines this year, market participants are not hitting the panic button just yet, writes Addison Gong.
05 Dec 2019
